<div class="py-4">
    <h2 class="text-3xl mb-2 font-bold">Security Banner</h2>
    <p class="mb-2">
        Quickly get down to business with the security banners at the top of
        each Company View page. Security banners are your quickest and easiest
        way to view the most important measures of an equity’s performance
        before you dig deeply into the full range of information accessible on
        each Company View page.
    </p>
    <p class="mb-2">
        The first banner you see gives you an instant snapshot of a stock’s key
        measures like Value Line’s Timeliness™ and Safety™ Ranks, Financial
        Strength rating, and analyst projections. The banner also gives you a
        quick view of target price range, dividend yield, price/ earnings ratio,
        and beta.
    </p>
    <p class="mb-2">
        <img
            alt=""
            src="https://www.valueline.com/getmedia/83cf7d6a-352f-4d42-9f41-ab888a1aa6fb/securityBanner1.png"
            class="fr-fic fr-dib"
        />
    </p>
    <p class="mb-2">
        At the far right of the Security Banner is a three-bar icon. Click on
        the bars for two additional Security Banners.
    </p>
    <p class="mb-2">
        The second-level banner focuses your attention on Value Line estimates
        and projections for the company you are researching.
    </p>
    <p class="mb-2">
        <img
            alt=""
            data-fr-image-pasted="true"
            src="https://www.valueline.com/getmedia/79273e63-e96e-445d-b28d-049e023b9839/securityBanner2.png"
            class="fr-fic fr-dib"
        /><br />
    </p>
    <p class="mb-2">
        And the third level spotlights dividend and volatility information.
        Volatility consists of beta and alpha. Value Line calculates beta
        through a proprietary formula that measures a stock’s sensitivity to the
        market’s overall performance. Alpha is a measure of performance on a
        risk-adjusted basis. (See below.)
    </p>
    <p class="mb-2">
        <img
            alt=""
            data-fr-image-pasted="true"
            src="https://www.valueline.com/getmedia/e909f837-8680-4ff9-9234-eb467f562b61/securityBanner3.png"
            class="fr-fic fr-dib"
        />
    </p>
    <h2 class="text-3xl mb-2 font-bold">Projected Target Price Range</h2>
    <p class="mb-2">
        When your strategy is long-term growth, your goal is to buy stocks with
        potentially above-average price appreciation. Our analyst-derived three-
        to five-year Target Price Range is one of your most important tools for
        identifying these stocks.
    </p>
    <p class="mb-2">
        Target Price Range is a forecast of where Value Line expects the average
        price of a stock to be in the next 3-to-5 years. The range is based on
        our analyst’s informed estimate of company earnings during this time
        frame, multiplied by the analyst’s estimated price/earnings ratio for
        the same period.
    </p>
    <p class="mb-2">
        The difference between a stock’s potential high and low prices depends
        on the stock’s Safety™ Rank. Expect a stock with a high Safety Rank to
        be more stable, and therefore to have a narrower band. A stock with a
        low Safety Rank is likely to be more erratic, and therefore have a wider
        range.
    </p>
    <p class="mb-2">
        Because the analyst calculates the Target Price Range using an estimate
        of future earnings, based on information available at the time it is
        calculated, this measure is very subjective. As company performance
        changes in the future, the Target Price Range will also be altered.
    </p>
    <h2 class="text-3xl mb-2 font-bold">Price/earnings ratio</h2>
    <p class="mb-2">
        The price/earnings ratio (P/E Ratio or P/E) is the most widely used
        statistic in investing.
    </p>
    <p class="mb-2">
        If you’re like most accomplished investors, you won’t make a move
        without knowing the P/E ratios of the companies whose stocks are on your
        short list. And you’ll regularly check the P/E ratios of the companies
        whose shares you own.
    </p>
    <p class="mb-2">
        The P/E ratio is a measure of a company’s market value relative to its
        earnings. In the most basic terms, a P/E ratio is the price of a
        company’s stock at the close of the previous trading day, divided by its
        share earnings. Value Line calculates the P/E by dividing a stock’s
        current price by an earnings figure that includes six months of past
        earnings and six months of projected future earnings.
    </p>
    <p class="mb-2">
        Let’s say a company’s share price is $40.00 and its earnings per share
        is $2.00. Its P/E ratio would be 20 ($40.00 divided by $2.00). If the
        company’s earnings jump to $2.50 and its price remains $40.00, then its
        P/E would lower to 16, a more attractive scenario in this case.
    </p>
    <p class="mb-2">
        There is no "right" or "wrong" P/E. Expect to pay a higher price, and
        accept a higher P/E, for companies whose earnings are accelerating. The
        opposite is true for companies whose earnings are flat or growing
        slowly.
    </p>
    <p class="mb-2">
        If you believe that earnings are poised to take off before the market
        recognizes it – and the company is maintaining its current P/E ratio –
        you might want to buy now in anticipation of a future earnings jump.
    </p>
    <p class="mb-2">
        In fact, depending on your tolerance for risk, you might be willing to
        pay a relatively high price for a stock with low, or even no earnings,
        in anticipation that it will be a standout money maker in the future.
    </p>
    <p class="mb-2">
        On the other hand, if our analyst projects continuing growth for a
        company, but its P/E is already high, you may want to wait for a
        pullback in price before committing funds so you don’t pay more than you
        want, based on the total return you anticipate.
    </p>
    <p class="mb-2">You’ll also find a trailing P/E and a 10-year median P/E in our data.</p>
    <p class="mb-2">
        The trailing P/E does not consider future earnings. It divides the
        stock’s previous trading day’s closing price by the most recent 12
        months of actual earnings.
    </p>
    <h2 class="text-3xl mb-2 font-bold">Dividend yield</h2>
    <p class="mb-2">
        A dividend is a payment by a company to its shareholders. It is usually
        in cash, and usually paid quarterly.
    </p>
    <p class="mb-2">
        Dividend yield measures a company’s expected return from dividends in
        the coming 12 months, expressed as a percent of its recent price.
    </p>
    <p class="mb-2">
        Above-average dividend yields are especially important for conservative
        investors who are seeking income. A company’s attractive yield tends to
        support its stock when the market is declining. Plus, an above-average
        yield usually results in slightly lower-than-market risk (volatility)
        compared to the average stock in our coverage universe.
    </p>
    <p class="mb-2">
        If you are primarily an income-oriented investor who is less concerned
        about a stock’s price appreciation potential than the reliability of its
        dividends, screen for stocks with higher-than-average yields. Then see
        if the dividend payment is trending higher over time. Steady increases
        are an attractive measure of potential future performance. Finally,
        check out the company’s Financial Strength rating. Financial Strength
        tells you whether the company will likely be able to continue to pay its
        dividend, and how likely the dividend will continue to increase. We
        suggest that conservative investors only consider buying shares in
        companies with Financial Strength ratings of at least B+
    </p>
    <h2 class="text-3xl mb-2 font-bold">Beta</h2>
    <p class="mb-2">
        Beta is a relative measure of volatility -- the historical sensitivity
        of a stock’s price to fluctuations in the NYSE Composite Index over the
        past five years.
    </p>
    <p class="mb-2">
        Your evaluation of a stock is not complete without considering beta.
        Value Line’s beta is based on a proprietary formula that uses regression
        analysis to determine the relationship between weekly percentage changes
        in the stock price, and weekly percentage changes in the NYSE Composite
        Index, over the past five years. In the case of shorter price histories,
        a shorter time period is used, but two years is the minimum.
    </p>
    <p class="mb-2">
        The market beta is set at 1.00. If a stock’s beta is also 1.00, it has
        historically moved in lock step with the general market. For example, if
        the market rises or falls by 10%, a stock with a beta of 1.00 will
        probably increase or decrease by about 10%.
    </p>
    <p class="mb-2">
        A beta above 1.00 indicates that a stock is more volatile than the
        market as a whole. For example, if a stock has a beta of 1.50, it has
        historically been 50% more volatile than the market. As a result, if the
        market increases or decreases by 10%, the stock will probably increase
        or decrease by about 15%.
    </p>
    <p class="mb-2">
        The reverse is also true. If your stock has a beta of .70, it is less
        volatile than the overall market. In this case, if the market rose or
        declined by 10%, your stock will likely rise or fall by 7%.
    </p>
    <p class="mb-2">
        It is important to note that betas vary across companies and industries,
        depending on various factors, including general economic performance,
        the cyclical nature of industries, and other factors. Utilities, for
        example, are usually low-beta companies.
    </p>
    <p class="mb-2">
        If you are a conservative investor, you will likely favor stocks with
        low betas to limit volatility. Remember, however, that beta is a
        double-edged sword. Stocks with low betas won’t fall as much as the
        broader market in a market decline, but when the market rallies, they
        will likely be relative underperformers.
    </p>
</div>
